D Secretly Obtains V's Cheque Card and Withdraws £200 from V's

question 1

Multiple Choice

D secretly obtains V's cheque card and withdraws £200 from V's bank account at a cash point. V only had £150 in his bank account. Which of the following represents the law:

• A) D has appropriated and stolen a debt owed to V by the bank of the credit balance in his account, ie: £150. V had no right to any further money and therefore, D has not stolen the further £50 from V. D will, though, have committed a fraud offence in relation to the entire amount. See next chapter.
• B) V owned £150 in exact notes and coins but no more. Therefore D has stolen only £150.
• C) D has stolen nothing because you cannot appropriate intangible property.
• D) D has stolen the entire amount from the bank.

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Definitions:

Reversal Of Write Downs

The process by which a previously recognized impairment loss on an asset is reversed, often because the reasons for the impairment have ceased, leading to an increase in the asset's carrying amount.

Net Realisable Value

The estimated selling price of goods, minus the costs of their sale or completion.

Write Down Reversal

The process of reversing a previously recorded write down, often due to an increase in the asset's value or a correction of the original value assessed.

Disclosure Requirements

These are mandates that entities must follow when revealing financial and other significant information in their reports, aimed at ensuring transparency and facilitating informed decision-making by users of financial statements.